Please note that:
1. Additional Liability of Govt of India if all active members (beyond 1.9.2014) & retirees (prior to 1.9.2014) opt for higher pension: NIL as GOI has to contribute @1.16% only on the amount of Ceiling wages (upper cap) which is already being done. This has also been clarified in the office note granting approval (issued by MoL&E on 16.3.2017) for implementing RC Gupta Judgment (4.10.2016) & related court matters that “THERE IS NO FINANCIAL IMPLICATION ON THE PART OF GOI, AS GOI’s CONTRIBUTION OF 1.16% OF WAGES UNDER EPS 1995 IS RESTRICTED TO THE WAGE CEILING.” So, the SLP filed by UOI is not justified.
2. EPFO has projected liability of Rs 15 Lakh Crore based on Actuary Reports (year 2017) considering 19,33,91,860 members whereas as per Affidavit dt 28.01.2021 filed by Mr. Jagmohan, ACC (Legal), EPFO in SLP(C) no. 8658-8659 of 2019 in SC, the members drawing more than Rs. 15000 were only 1,03,40,378 as on 3/2019 and 1,26,57,556 as on 3/2020 BUT AS PER THE CLAIM BEFORE THE SC, THE LIABILITY OF 19,33,91,860 MEMBERS HAS BEEN PROJECTED to be Rs 15 Lakh Crores by EPFO
Further detailed analysis will be shared soon.
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